Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/214905
Authors: 
Flagmeier, Vanessa
Gawehn, Vanessa
Year of Publication: 
2020
Series/Report no.: 
arqus Discussion Paper No. 254
Abstract: 
We assess the investor reaction to a potential introduction of public country-by-country reporting (CbCR) into the European Capital Requirements Directive IV. Estimating cumulative abnormal returns with the help of a multivariate regression model, we find weak significant evidence around our event date (February 20th, 2013) that investors perceive the introduction of CbCR as beneficial. In additional tests, we assess investor perceptions relative to different control groups (domestic institutions and non-EU institutions) and in the cross-section (splitting across size, systemically relevant, pre-event level of GAAP ETR and pre-event level of geographic disclosure). The only significant outcome is a negative reaction for large international EU institutions.
Subjects: 
Country-by-country reporting
CbCR
financial institutions
investor reactions
eventstudy
multivariate regression model
JEL: 
H25
H26
G21
G28
Document Type: 
Working Paper

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